Formula 1 is reportedly set to withdraw its sponsorship deal with Rolex at the end of this season. LVMH Moet Hennessy Louis Vuitton, commonly known as LVMH, will reportedly replace Rolex with a $150,000,000 per year sponsorship deal with F1.
LVMH, the esteemed French multinational holding company, owns watch brands such as TAG Heuer and Hublot, Rolex’s rivals in the luxury watch market, and they might be seen in the Grand Prix hoarding next year.
Rolex has had global ties with Formula 1 since 2013 as their Official Timepiece partner. Their initial agreement was reportedly worth $10 million annually, but as of 2024, their agreement is reported at $50 million, which is three times less than LVMH’s reported deal with Liberty Media.
Rolex could end its Global Partnership with @F1 at the end of this year, multiple sources indicate.
LVMH Group, who own brands such as TAG Heuer and Hublot, are reported to be the replacement starting in 2025.
The new deal is reportedly worth $150 million annually.@ROLEX #F1 pic.twitter.com/au5E286Sui
— Decalspotters (@decalspotters) July 10, 2024
Besides their global partnership, Rolex was also the Title sponsor of two races this season. The 2024 Rolex Australian Grand Prix took place in March this year, and the 2024 Rolex Belgian Grand Prix is set to take place later this month.
TAG Heuer is currently associated with the defending F1 champions Red Bull, which might be the impetus behind their reported larger tie-up with Formula 1. Hublot also partnered with Scuderia Ferrari from 2011 to 2020.
Rolex’s association with Formula 1
Max Verstappen of the Netherlands driving the (1) Oracle Red Bull Racing RB19 leads Fernando Alonso of Spain driving the (14) Aston Martin AMR23 Mercedes and the rest of the field at the start during the F1 Grand Prix of Monaco at Circuit de Monaco on May 28, 2023 in Monte-Carlo, Monaco. (Photo by Mark Thompson/Getty Images)
Rolex’s association with Formula 1 dates back to 1968 when the former British driver Sir Jackie Stewart became a Rolex Testimonee. Speaking about his association with Rolex, the former F1 champion said (via Rolex Newsroom):
“The worlds of Rolex and motorsport have incredible standards of craftsmanship, quality and accuracy are paramount if you want to accomplish great things – they are both masters of a winning mentality. Rolex and Formula 1 have rewritten engineering excellence and the level of teamwork required to succeed.”
Fast forward to 2024, Jenson Button, the 2009 F1 champion; Mark Webber, multiple GP champion and 2015 FIA World Endurance Champion; Tom Kristensen, nine-time 24 Hours of Le Mans winner, and Jamie Chadwick, three-time W-Series champion, have joined the bandwagon.
Interestingly, Rolex’s association was not limited to Formula 1. The renowned watchmakers were also associated with the Rolex 24 at Daytona, the FIA World Endurance Championship, and the 24 Hours of Le Mans.